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OPEC ready to cut oil production in 2013 amid oil prices drop
The Organization of Petroleum Exporting Countries (OPEC) announced this week that it will keep its oil output limit at 30 million barrels per day, with production running about 1 million barrels a day above the level of supply that OPEC expects the world will need from it next year. This decision was taken in reaction to higher output from the major consumer United States and a decrease of energy demand which will cause a fall of prices as predicted by some analysts.
read more... 14/12/2012
Daily: U.N. carbon credits dip to record lows on heavy selling
Brent and U.S. crude oil futures climbed more than 1 percent on Wednesday, pushed up by U.S. Federal Reserve plans for more monetary incentives and a Texas refinery fire that sent U.S. refined products futures higher. Meanwhile, Brent January crude climbed $1.49, or 1.38 percent, to settle at $109.50 a barrel, having traded from $108.14 to $110.50. U.S. January crude boosted 98 cents, or 1.14 percent, to settle at $86.77 a barrel, having traded from $85.68 to $87.68.
read more... 13/12/2012
Daily: British gas prices dip despite cold weather
Brent and U.S. crude oil futures climbed in a choppy trading on Tuesday on news that OPEC‘s oil production decline in November and on a weaker dollar low support to oil prices. Meanwhile, Brent January crude climbed 68 cents, or 0.63 percent, to settle at $108.01 a barrel, having traded from $107.09 to $108.34. U.S. January crude futures gained 23 cents, or 0.27 percent, to settle at $85.79 a barrel, having traded from $85.21 to $86.37.
read more... 12/12/2012
Main aspects of British proposed power market reform
Britain proposed legislation for a major overhaul of its electricity market that will encourage investment in low-carbon types of energy to help meet legally binding emissions-reduction targets. The government faces the challenge of keeping bills affordable for consumers while ensuring intermittent renewable energy is backed up by stand-by power plants and safeguarding tax revenues from oil and gas exploration.
read more... 12/12/2012
EIA: U.S. oil production to hike at a record level in 2012
U.S. crude oil production is hiking at the fastest pace in history, according to data released by the U.S. Energy Information Administration (EIA), marking the largest rise in annual output since the beginning of U.S. commercial crude oil production in 1859.
read more... 12/12/2012